1)what is benchmarking? what are the various levels where benchmarking may occur? Discuss comp sets in terms of their rules, critical consideration is creating comp sets, and the role comp sets playing in benchmarking.
2)The restaurant operations, n many ways, are similar to the lodging operations in that we can apply revenue management principles to help optimize revenue. build a discussion that frames the benefits of strategic restaurant revenue management: the necessary conditions for restaurant revenue management, the strategic levels available to restaurant revenue management, and how restaurant revenue managers may administer appropriate tactical tools.
3) how can economics impact a hotel’s revenue management decisions? please include a brief discussion on how supply and demand impact a hotel;’s overall revenue management optimization strategy and why an understanding of unconstrained demand is essential for revenue managers.
improvement and best practices. More so, there is need for flattening the management pyramid and minimizing the hierarchy management levels. There should also have consensus management whereby it involves all people in decision making. Managers can perform better by utilization of organized knowledge in management. It is that knowledge that comprises science. The science underlying management is somehow inexact and crude as many variable in which managers deal with are enormously complex. Nevertheless, that kind of management knowledge may improve the managerial practices. Managers who try to manage in devoid of management science ought to put their belief on intuition, luck and on past occurrences. For practical purposes, the managers ought to develop three types of skills that are conceptual, human and technical (Fleet and Perterson 1994, p.25). Conclusion To efficiently achieve the selected aims, there ought to be general administration theories which enable managers to design and maintain effective environment. Managing is the most crucial activity in the every organizational level as managers perform functions of organizing, planning, leading, staffing and controlling (Russell C, 2002). However, the managerial skills needed differ with organizational levels. The objective of managers is to come up with surplus and be productive by getting constructive output-input ration in a particular period of time with consideration of quality. General ad>GET ANSWER